A section of Kenyans online is accusing President William Ruto of flip-flopping on his Hustler Fund promise, where Kenyans running SMEs were promised interest-free loans to help them in their businesses.
On Thursday, during the Mashujaa Day celebrations at the Uhuru Gardens in Nairobi, Ruto said the Hustler Fund credit products will be available online, on digital platforms not for free, but at affordable rates and through chamas and saccos.
The Head of State also noted borrowers of the Hustler’s Fund will participate in a short-term savings plan and long-term pensions program, a departure from his earlier position during the campaigns.
”Credit products will be available to small businesses on digital platforms at affordable rates to individuals and through chamas, groups, saccos, and cooperatives,” the President said.
”All borrowers on this platform will also participate in a short-term savings plan and long-term pensions program.”
The Head of State went ahead to say that every saving made by Hustlers on the digital platform will be merged by the government of Kenya on a 2:1 ratio to a level to be determined by the program.